when auditing VAT payable account, what are the considerations that you need to remember and procedures that you need to do say that you have gained a reasonable assurance of its compliance with standards and regulatory protocols?

Q: Which of the following audit procedures is least appropriate for addressing the assertion of…

A: Assertion of Valuation is one of the 7 assertions of Auditing. Under the assertion of valuation, it…

Q: What are the overall categories of Auditing procedures, briefly explain them?

A: Auditing: Auditing refers to the careful analysis of accounting records of a company to ensure their…

Q: An auditor's techniques for examining the balance sheet's accounts receivable account are most…

A: Answer: Concept Balance sheet are the financials of the company. They are expected to be true and…

Q: Describe the purpose and give examples of audit procedures in the search for unrecorded liabilities.

A: The search of unrecorded liabilities is the set of procedures designed to yield audit evidence of…

Q: the auditor is planning to use accounts payable confirmations when auditing the client's accounts…

A: Accounts payable confirmations refer to a process used by auditors to verify the accuracy and…

Q: How would you distinguish forensic accounting, fraud auditing, and investigative auditing from…

A: Auditing is the process of analyzing the financial statements, and look whether the financial…

Q: financ cial recor... Auditors while examining the financial records must follow:

A: International standards on auditing (ISA) are used by auditors as a guiding tool in the process of…

Q: Which of the following is considered an assurance engagement? Bookkeeping Preparation Compilation…

A: The question is based on the concept of Auditing.

Q: Auditors try to identify predictable relationships when using analytical procedures. Relationships…

A: Analytical processes are a crucial step in the audit process and involve evaluating financial data…

Q: What knowledge does the auditor need about the client’sbusiness in an audit of historical financial…

A: Auditing:   Auditing is a gathering of information and evaluation of evidence as to report on the…

Q: orts important to users of financial statements and why it is desirable to have standard wording for…

A: Auditors refer to the entity whose vital job is to check or investigate all the financial documents…

Q: What is the relationship between the audit procedure and audit evidence used in the auditor's work…

A: Audit working papers contains the findings of the auditor which have been obtained in the course of…

Q: How is Accounts Payable audited?

A: Accounts payable:   Accounts payable refers to the money payable by the company to outside entities…

Q: When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely…

A: Auditing is the inspection of the financial records of the company or organisations with no bias and…

Q: Describe the financial statement's aims and purposes, and explain how the auditor intends to verify…

A: This question dells with  the financial statement's aims and purposes, and explain how the auditor…

Q: Ultimately, is the purpose of an audit trail to follow a transaction from its input through its…

A: Transaction Process System: Transaction process system can be defined as a system designed to…

Q: Why do auditors focus on revenue as a significant account and the occurrence of revenue as a…

A: Revenue cycle records all the transactions that originate from selling a product and lead to…

Q: In determining whether transactions were really exist, the direction of the audit testing should be…

A: In determining whether transactions were really exist, the direction of the audit testing should be…

Q: Define the term "materiality" in the context of audit reporting. What factors will influence the…

A: Introduction: 320 IAS When preparing and completing an audit, materiality refers to the omission or…

Q: The most probable audit processes to verify receivables written off as uncollectible include Explain…

A: Procedure for auditing: Audit procedures are the processes, strategies, and methods used by auditors…

Q: Explain how management assertions, general balance-relatedaudit objectives, and specific…

A: Management assertions are implied representations by management about classes, of transactions and…

Q: Discuss the difference between audit documentation and audit evidence and state why audit evidence…

A: Audit Documentation: Audit documentation, also known as working papers, refers to the records,…

Q: Apply your knowledge to perform audit procedures in the revenue and collection cycleand evaluate the…

A: sales and collection cycle:- in business it refers to the set of processes that begin when a…

Q: In determining whether transactions have been recorded, the direction of the audit testing should be…

A: An audit is a process of examining the books of accounts by the auditor so as to know whether the…

Q: An audit plan containsa. Specifications of audit standards relevant to the financial statements…

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial…

Q: Distinguish between the evaluation of the adequacy of insurancecoverage and the verification of…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Which documents would an auditor most likely choose to examine closely to ascertain that all…

A: Option d. receiving reports is the answer

Q: Why is it important to emphasize the existence assertion when auditing accounts receivable?

A:

Q: Which of the following audit objectives ensure that if accounts receivable is pledged as security…

A: Audit is the process of checking and verifying the authenticity and position of financial statements…

Q: Financial audit Q&A What is the file type of the customer confirmation that is related to the…

A:

Q: xplain the auditor's role in ensuring that rules and regulations are followed. How does this…

A: Non-compliance with applicable rules and regulations may hurt financial statements, as violators…

Q: EXPLAIN AND WHAT KIND OF AUDIT EVIDENCE NEEDED BY AUDITOR OR AUDITING?

A: Auditing is the process of examining a company's financial records, systems, and processes to ensure…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.